Bitcoin treasury company Strive Asset Management (NYSE:ASST) has continued to buy BTC. Vivek Ramaswamy’s Strive announced purchasing over $61 million in Bitcoin on Monday, April 27.
Vivek Ramaswamy-Backed Strive Buys Additional Bitcoin
According to a recent disclosure, the company bought 789 BTC for an estimated $61.43 million, at an average price of around $77,890 per coin. On Monday, CEO Matt Cole announced the Bitcoin buying update as the company continues its ongoing “buy and hold” strategy.
The new purchase brings Strive’s Bitcoin holdings to 14,557 BTC. Based on current BTC price trends, this stash is worth around $1.3 billion.
The company is now the ninth-largest corporate Bitcoin holder, according to onchain tracking crypto tools. Earlier, it outpaced Hut 8 and now stands just behind Coinbase.
After the announcement, Strive’s ASST stock price increased by 2.15% to $16.15. In addition, the purchase was even more notable as it came on the heels of Strategy’s $255 million BTC purchase today.
For context, Strive has been funding its bitcoin acquisitions using capital markets, following in the footsteps of Michael Saylor’s Strategy. This company’s Bitcoin-focused initiatives include its preferred equity product Variable Rate Series A Perpetual Preferred Stock (SATA). This instrument has a strike price of between $99 and $100, and a variable monthly dividend.
About The Company’s Recent BTC-Focused Initiatives
Recently, the company has issued a large amount of SATA. Moreover, the firm raised approximately $160 million in its initial offering and then issued $225 million in an upsized offering. Recently, Strive reduced the trading spread of SATA and raised its dividend yield to 12.75%.
Moreover, it is collaborating with Tuttle Capital Management to launch an exchange-traded fund. This ETF that will track SATA and Strategy’s STRC stock.
Previous transactions have also helped Strive build up its Bitcoin holdings. The company has already purchased 5,886 BTC after a PIPE investment and 5,048 BTC with the acquisition of Semler Scientific last year.
